How Can You Stand Out in a Home Bidding War? | RealtyPin.com
NEW YORK, Feb. 4, 2013 /PRNewswire-iReach/ -- How Can You Stand Out in a Home Bidding War? - With the hit that the housing market has taken over the past few years, you probably never thought you'd see the words "housing market" and "bidding war" in the same sentence for quite awhile. But according to the real estate experts at Realtypin.com, bidding wars are making a comeback in several areas around the country! So, what if your area is one of them? What can you do to stand out in a bidding war and make sure you get the home of your dreams?
- Make your first bid a good one
Your realtor will be able to give you a clue as to how high the demand is for a particular home, so keep it in mind when it comes time to make an offer. If you were thinking of putting in a really low offer on a popular home with the hopes of countering your way up later, forget it! Go too much lower than everyone else right out of the box, and the seller will likely forget about you altogether.
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- Keep current
Bidding wars work quickly. If a seller picks you and you can't close the deal quickly, the seller will probably move onto another offer. As a result, you've got to have your lender ready to go at a moment's notice. How do you do that? Don't just get pre-approved; stay current! Every time you get a paycheck, make a copy of the stub and add it to your file. The same goes for that bank statement that just arrived in the mail. By having the most up-to-date information available at your fingertips, you can hand it directly to your lender at "go time". That way, your pre-approval can turn into an actual approval at the drop of a hat!
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- Make it personal
Get your realtor to find out exactly what's motivating the seller. For example, the seller may be relocating for a new job – and has to be out of town ASAP. In that case, the extra cash you offer is nice, but he'd much rather have a buyer that can get everything signed on the dotted line quickly. In fact, if you can meet the seller's exact needs, you may not even have to outbid everyone else!
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- Offer "extras"
Offer to pay for closing costs and/or title insurance. In today's real estate market, most sellers list their homes expecting to foot the bills for both. But by covering those costs, you're allowing the seller to keep more money in his pocket. That alone can make you the leader of the pack!
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